It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the information mill very promising for buyers. When studying the figures as of 2006, we discover that the private home price index showed a healthy .2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty for this figures, then let us take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not a mystery as to why the Singapore housing market is on an upswing since the economy is more or Jade scape less taking it with it. The economy showed a 7.9% gross domestic product growth in 2006 versus the 2005 growth rate of 6.4%. However, it isn’t the perfect economic growth at this point fueling the Singapore Real Estate current. It is also new policies within the housing market which have been put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able to get apartments due specific rules no longer being put in position (foreign purchase extended has to are eligible of: the building must be over 6 stories high and must be deemed as a condominium).
The allowance of single people who are not related to jointly purchase properties via their Central Provident Fund (social security pension).
Cash down payments are down to 5% from the previous10% on home purchases.
Home ownership has become a significant goal of the Singapore government. Due to this commitment and cooperation with the Housing and Development Board, Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased to 92% looking at the previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased and the housing prices have increased as well. Find price of property makes for a stronger Singapore property market and provided that as these higher prices continue, so will the promises and high expectations of marketplace within Singapore. The doubt the numbers speak for themselves and they definitely cannot be overlooked.